Competition Perfect and otherwise Perfect Competition Products are the same Numerous buyers and sellers so that each has no influence over price Buyers and sellers are price takers Harcourt, Inc. items and derived items copyright o 200l by harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Competition: Perfect and Otherwise Products are the same Numerous buyers and sellers so that each has no influence over price Buyers and Sellers are price takers Perfect Competition
Competition Perfect and otherwise Monopoly One seller, and seller controls price Oligopoly Few sellers Not always aggressive competition Harcourt, Inc. items and derived items copyright o 200l by harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Competition: Perfect and Otherwise Monopoly One seller, and seller controls price Oligopoly Few sellers Not always aggressive competition
Competition Perfect and otherwise Monopolistic Competition Many sellers Slightly differentiated products Each seller may set price for its own product Harcourt, Inc. items and derived items copyright o 200l by harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Competition: Perfect and Otherwise Monopolistic Competition Many sellers Slightly differentiated products Each seller may set price for its own product
Demand Quantity demanded is the amount of a good that buyers are willing and able to purchase Harcourt, Inc. items and derived items copyright o 200l by harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Demand Quantity demanded is the amount of a good that buyers are willing and able to purchase
Law of demand TThe law of demand states that there is an inverse relationship between price and quantity demanded Harcourt, Inc. items and derived items copyright o 200l by harcourt, Inc
Harcourt, Inc. items and derived items copyright © 2001 by Harcourt, Inc. Law of Demand The law of demand states that there is an inverse relationship between price and quantity demanded